MYR Group (NASDAQ:MYRG) Stock Price Expected to Rise, Stifel Nicolaus Analyst Says

MYR Group (NASDAQ:MYRG) had its target price hoisted by analysts at Stifel Nicolaus from $237.00 to $262.00 in a report released on Monday, MarketBeat Ratings reports. The firm currently has a “buy” rating on the utilities provider’s stock. Stifel Nicolaus’ target price indicates a potential upside of 3.52% from the stock’s previous close.

A number of other research firms have also recently commented on MYRG. Weiss Ratings upgraded shares of MYR Group from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, January 22nd. The Goldman Sachs Group raised their price objective on shares of MYR Group from $205.00 to $248.00 and gave the company a “neutral” rating in a research report on Friday, November 14th. KeyCorp restated a “sector weight” rating on shares of MYR Group in a research note on Wednesday, October 1st. Clear Str upgraded MYR Group to a “strong-buy” rating in a research note on Monday, December 15th. Finally, Cantor Fitzgerald started coverage on MYR Group in a report on Friday. They set an “overweight” rating and a $285.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, MYR Group currently has a consensus rating of “Moderate Buy” and an average price target of $218.71.

MYR Group Price Performance

Shares of MYR Group stock opened at $253.08 on Monday. The stock has a market cap of $3.93 billion, a P/E ratio of 40.89 and a beta of 1.18. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.33 and a current ratio of 1.33. The stock’s fifty day moving average is $227.73 and its 200 day moving average is $208.27. MYR Group has a one year low of $97.72 and a one year high of $263.48.

MYR Group (NASDAQ:MYRG) last posted its quarterly earnings data on Wednesday, October 29th. The utilities provider reported $2.05 EPS for the quarter, topping the consensus estimate of $1.82 by $0.23. The firm had revenue of $950.40 million for the quarter, compared to the consensus estimate of $931.72 million. MYR Group had a return on equity of 16.65% and a net margin of 2.78%.The business’s revenue for the quarter was up 7.0% compared to the same quarter last year. During the same quarter last year, the company earned $0.65 earnings per share. Sell-side analysts anticipate that MYR Group will post 1.16 earnings per share for the current year.

Insider Transactions at MYR Group

In other news, COO Don A. Egan sold 2,900 shares of the stock in a transaction that occurred on Tuesday, November 4th. The stock was sold at an average price of $233.40, for a total value of $676,860.00. Following the sale, the chief operating officer directly owned 5,797 shares in the company, valued at approximately $1,353,019.80. This represents a 33.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 1.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On MYR Group

Institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in MYR Group by 14.7% during the 3rd quarter. Vanguard Group Inc. now owns 1,225,288 shares of the utilities provider’s stock valued at $254,897,000 after acquiring an additional 157,157 shares in the last quarter. Wellington Management Group LLP grew its stake in MYR Group by 69.2% in the third quarter. Wellington Management Group LLP now owns 624,791 shares of the utilities provider’s stock valued at $129,975,000 after purchasing an additional 255,493 shares during the last quarter. Fisher Asset Management LLC raised its holdings in MYR Group by 0.9% in the third quarter. Fisher Asset Management LLC now owns 450,402 shares of the utilities provider’s stock worth $93,697,000 after purchasing an additional 4,203 shares in the last quarter. Principal Financial Group Inc. lifted its position in shares of MYR Group by 1.2% during the third quarter. Principal Financial Group Inc. now owns 380,314 shares of the utilities provider’s stock valued at $79,117,000 after buying an additional 4,353 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in shares of MYR Group by 97.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 350,478 shares of the utilities provider’s stock valued at $63,594,000 after buying an additional 172,962 shares in the last quarter. Hedge funds and other institutional investors own 88.90% of the company’s stock.

About MYR Group

MYR Group Inc (NASDAQ: MYRG) is a specialty electrical contractor that provides a broad array of construction, maintenance and emergency restoration services to utility, commercial, industrial and renewable energy customers. The company was formed in 1995 through the consolidation of several regional specialty contractors and has since expanded its capabilities to support complex transmission and distribution projects, substation installations, communication and wireless infrastructure, as well as renewable power interconnections.

Through a network of operating subsidiaries, MYR Group delivers turnkey solutions that include overhead and underground line construction, substation and switchgear installation, substation maintenance and testing, and storm restoration services.